Sitaraman pitches global framework to prevent crypto currencies Anti laundering

[Flexystar]

The news came in today on e-reader recommended list. The Indian finance minister Sitaraman is on US visit for official meeting of International Monetary Fund and World Bank. These are just every years spring meetings followed by her visit to G20 Summit as well.

She spoke regarding her agenda and one of which is to overcome the issues of money laundering which is being done using crypto currencies. The vision is clear, create Intenrational framework and if it is digital then all the countries has to work together on technical platform itself.

Her tone does not seem to be aggressive but positive in regard with usage of crypto and that’s why she said just to keep track of buyer and sellers, India imposed 30% tax on the same.

India has pitched for a global framework to regulate crypto currencies identifying their use in money laundering and terror financing as the biggest risks for all countries.

"I think the biggest risk for all countries across the board will be the money laundering aspect and also the aspect of currency being used for financing terror," finance minister Nirmala Sitharaman said at a discussion on “Money at a Crossroad” hosted by the International Monetary Fund (IMF) in Washington DC.

The minister added that no country could handle these alone and they can be only regulated when countries come on board together.

She added that India had introduced a 30% tax on Cryptocurrency to keep a track on who was transacting in these assets.

"How can we keep a trail following these transactions which were happening. After all these were electronic codes eventuallyq. So we wanted to be sure. So through that (30% tax)we will be able to know who's buying and who is selling it," Sitharaman said.

Sitharaman is on an official visit to the US, to attend the spring meetings of the International Monetary Fund and the World Bank.

Sitharaman will also attend the G20 finance ministers’ and central bank governors’ meeting there and will meet World Bank President, David Malpass.

Sitharaman is also scheduled to meet business leaders in San Francisco and will also interact with the faculty and students at Stanford University.

Source: Economic times - Sitaraman US Visit

I am not sure how effective the discussion went or if anyone is even thinking about this, but could be a good pitch ahead in terms of development.

[Moneyprism]

what doesn't make sense to me is how the government is so adamant about regulating the circulation of cryptocurrencies... they say they want to prevent money laundering or other crimes, when in fact they just want to slow down the adoption of crypto so that their currency is no less popular than crypto

[avikz]

I clearly don't trust this lady because her actions and speeches don't match. Otherwise we wouldn't have seen 30% tax on crypto gains. That was quite unprecedented and is slowly killing the crypto industry in India.

A global crypto framework is necessary to stop money laundering using cryptocurrencies. But without the intervention of UN and World Bank or IMF, it is not possible. It's good that she is at least thinking to stop laundering and not the crypto itself. Let's hope for the best!

[istiak2277]

The news came in today on e-reader recommended list. The Indian finance minister Sitaraman is on US visit for official meeting of International Monetary Fund and World Bank. These are just every years spring meetings followed by her visit to G20 Summit as well.

She spoke regarding her agenda and one of which is to overcome the issues of money laundering which is being done using crypto currencies. The vision is clear, create Intenrational framework and if it is digital then all the countries has to work together on technical platform itself.

Her tone does not seem to be aggressive but positive in regard with usage of crypto and that’s why she said just to keep track of buyer and sellers, India imposed 30% tax on the same.

India is highly corrupted country and money laundering is not nothing new. Bitcoin was first see the spotlight in 2017 when it shows a massive bull run. But money laundering wasn't new to that time also. Govt didn't face any problem then with money laundering but now they are. This is just an excuse to demotivate people from using crypto currency when their own politicians are mostly involved with this money laundering.

I am very delighted to know they imposed 30% tax to keep track on buyers and sellers! isn't that too little mam? A great way to regulate crypto currency.

[hugeblack]

She spoke regarding her agenda and one of which is to overcome the issues of money laundering which is being done using crypto currencies. The vision is clear, create Intenrational framework and if it is digital then all the countries has to work together on technical platform itself.

We cannot read this news in isolation from the international restrictions that many countries are trying to impose on Russia, and cryptocurrencies^[1] will be one of the many loopholes in this sanctions regime.

Therefore, imposing international legislation is almost impossible, but obtaining a principled consensus at the G-20 summit will force most countries to follow the same regulatory approach, but then we must forget about the crazy fluctuations, quick profit and a lot of privacy.

[1] Russia considers accepting Bitcoin for oil and gas - BBC News